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#MarketSentimentToday The Bitcoin Price Drop: Has It Ended? Keep An Eye On This Support Level Over the last week, Bitcoin's price took a major nosedive, bringing down the whole cryptocurrency market with it. At one point throughout the week, the leading cryptocurrency hit a low of $59,500, its lowest level in over two months. Even while investors are crossing their fingers that this is all done, it's still hard to tell whether Bitcoin is prepared to continue its positive trend. Whatever the case may be, a well-known crypto intelligence outfit has pinpointed a vital price point for Bitcoin's future trajectory. Metcalfe price valuation bands are the important indication here since they identified the preceding cycle's resistance levels and peaks. These bands, shown by the red line in the graphic below, did, however, provide crucial assistance in May. Just so you know, according to the Metcalfe Law, a network's value grows as the square of its user count. This rule basically says that the bigger and busier the Bitcoin network is, the more valuable the cryptocurrency is going to be. The Metcalfe price valuation bands, which provide a framework for pricing linked to the network effect, are developed from this theory. Based on the principles of the network, these bands provide a range of possible price levels for Bitcoin. These bands have served as solid support and resistance levels throughout the market's history. The $56,000 mark has served as an indication pivot point in the last several months, and the price of Bitcoin found solid support there in May. The price level may end up being crucial, according to CryptoQuant's study, if the leading cryptocurrency experiences more downward pressure. Nevertheless, a significant correction might occur in the market leader if the price of Bitcoin falls below this level. #CPIAlert #IntroToCopytrading #BTC $BTC
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💰💰💰ChatGPT can boost your portfolio from $900 to $400k! It may suggest investing ideas and clarify technical issues. Crypto trader ChatGPT prompts: ⭐Cryptocurrency diversifies assets ChatGPT may help you understand terminology, keep current, and create trading strategies. Since crypto is volatile, strategic preparation is essential. To avoid losing them, bookmark them. ⭐Analysis of the market Market trend research is a popular ChatGPT prompt for crypto traders. Ask about macroeconomic variables like inflation impacting crypto prices. Analyze Bitcoin and Ethereum market trends. ⭐Price Forecasts Get bitcoin price forecasts from ChatGPT. Technical indications, market mood, historical patterns, and macroeconomic considerations may be explained concisely. How much do you think [particular currency] will cost next month? ⭐A Technical Analysis Understanding technical analysis is essential for bitcoin investment. Understand bitcoin and concepts like moving averages and RSI. Explain the latest BTC technical analysis using moving averages and RSI. ⭐ Sentiment Analysis I analyzed crypto market sentiment using ChatGPT. When I inquired about ETH, it analyzed current news and social media to assess sentiment. Perform sentiment analysis on recent [Coin] news and social media postings. ⭐Manage Risk This ChatGPT prompt offers risk management advice. ⭐Review and alter your plan Sell automatically with stop-loss orders if prices drop below your level. What are good trading risk management strategies? ⭐Evaluating ICO A project may raise cash by selling coins in an ICO. ChatGPT summarizes whitepapers and other materials to assist crypto traders understand ICOs. Assess [particular ICO] project and WP potential. ⭐ Latest News ChatGPT provides daily crypto market updates. Instead than reading multiple articles, ask ChatGPT for a daily market overview. Write about today's bitcoin market news and occurrences. #IntroToCopytrading #BinanceTournament #CPIAlert
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Arbitrum, optimism in 2024: Rising transactions, declining values—why? Arbitrum (ARB) and Optimism (OP), two Layer-2 Ethereum solutions to scalability, have seen considerable transaction activity and fiscal performance swings this year in the ever-changing crypto industry. Although transaction activity has increased in both networks' ecosystems, their Total Value Locked (TVL) and native token values have declined. Over the last year, Arbitrum and Optimism consumption doubled, according to IntoTheBlock. The second quarter following implementing EIP 4844 saw especially strong increase. This suggestion reduces costs and increases processing capacity by using a more efficient transaction type to increase Ethereum's capacity. Arbitrum trades increased from 1 million to 2.6 million on June 26, a record. The number of transactions on Optimism has increased from 800,000 in April to 409,000 presently. Arbitrum has over 1.5 million transactions, exceeding Optimism despite its performance variations. TVL, which measures the entire amount of investment in these platforms' financial systems, shows a distinct image of their financial viability. Arbitrum and Optimism witnessed TVL rise early this year, according to DeFiLlama. In March, Arbitrum had $3.1 billion TVL and Optimism $1 billion. This is when people started using these sites and investing more. Arbitrum and Optimism's TVLs have dropped to $2.7 billion and $665 million, respectively, changing this pattern. There are various plausible causes for the reduction in TVL and ARB/OP token values. Such influences might include investor views toward cryptocurrencies or market circumstances that affect all cryptocurrencies. These patterns may also be affected by Layer 2 network modifications. The ARB and OP price trends might have been better. The market research shows both coins depreciating, with OP failing to break $2.2 barrier. About $1.7 is the current price. ARB has set its resistance at $1, now $0.07. #BinanceTournament #IntroToCopytrading $ARB $OP @Arbitrum Foundation @Optimism
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Binance Marks Crypto Tokens With High Volatility As Monitoring Several very volatile cryptocurrency assets have been assigned monitoring tags by Binance, a global crypto exchange, according to an announcement made on Monday. As per the official notification, eleven alternative cryptocurrencies were tagged for surveillance. These cryptocurrencies include Balancer (BAL), Cortex (CTXC), PowerPool (CVP), Sun (SUN), and Dock (DOCK). The coins' extreme volatility in comparison to other listed cryptocurrencies was a point raised by the exchange. The tokens are being thoroughly watched and reviewed on a regular basis, according to Binance. When a cryptocurrency project has a functioning product and a certain level of user acceptance, they are often awarded these tags. On the other hand, there are dangers associated with these assets, such as possible problems with regulations and the law, difficulties with technology, unpredictable market conditions, etc. Additionally, the company cautioned users that digital assets with this identifier are very vulnerable. The platform is delisting them because "[they] are no longer meeting our listing criteria," the statement said. "Binance will review projects on a regular basis and determine whether tokens should have the monitoring tag added or removed based on its latest findings." Token Exemption Requirements for Monitoring Tags Additionally, the exchange outlined assessment requirements for crypto tokens. The document made notice of the fact that project-committed tokens would not be subject to monitoring tags. The tokens also need to demonstrate a certain amount of development activity, a certain degree of liquidity and trading volume, stability against scam attacks, and proof of not engaging in fraudulent activities, among other things. Binance has deleted the tags from two cryptocurrencies, Enzyme (MLN) and Horizon (ZEN), in addition to the tokens that were placed to the monitoring tags list. #Binance #MLN #ZEN $MLN $ZEN
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Galaxy Digital Predicts SEC Approval Odds for Solana ETFs Galaxy Digital Head of Research Alex Thorn analyzed VanEck and 21Shares' spot Solana ETP filings. On June 28, the US Securities and Exchange Commission (SEC) received these aggressive filings to incorporate Solana into regulated financial markets like Bitcoin and Ethereum. In their S-1 filing, VanEck proposes launching a commodity-based trust to directly own Solana, enabling the ETP to closely monitor its market price. Some crypto ETPs stake assets, but not this one. The news boosted SOL's stock by 8%. The filing lacks operational mechanisms like custodian, cash custodian, and permitted participants because to its early stage. As the product nears acceptance, these issues are addressed in subsequent modifications. Why Spot Solana ETF Odds Are Low According to the latest updates, VanEck has not submitted the 19b-4 form, which begins the SEC's official probe. Once started, a review may last up to 240 days, according to Bloomberg analyst James Seyffart. Thus, assuming VanEck files quickly, the decision may come around March 15, 2025. This procedure includes regulatory hurdles and public comment periods typical of new financial product approval. The SEC considers Solana an unregistered security because to pending lawsuit against Coinbase. This categorization hampers Solana-based ETP clearance. Since the Securities & Exchange Commission is charging in its complaint against Coinbase that Solana is an unregistered securities, Thorn believes this application will be denied until the SEC changes its position. Historically, the SEC has been wary about crypto ETPs. Approval often begins with regulated futures markets, then ETPs based on them, and finally US-based spot ETPs. Bitcoin and Ethereum ETPs have struggled and succeeded on this route. Importantly, the SEC previously rejected Bitcoin ETPs due to market size and monitoring concerns. The DC Circuit Court of Appeals opinion in August 2023 supporting futures market monitoring was the tipping moment. #VanEck_SOL_ETFS #Solana $SOL
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